Phase 1 of Lebanon reconstruction to cost $2.2bn, complete by Dec. 2021

The initial losses caused by the Beirut explosion amount to approximately $8.1bn: The World Bank's regional director

Phase 1 of Lebanon reconstruction to cost $2.2bn, complete by Dec '21
BNA
Phase 1 of Lebanon reconstruction to cost $2.2bn, complete by Dec '21

Lebanon will need $2.2bn for Phase 1 of reconstruction – which is due to complete in December 2021 – as the Republic looks to recover from the devastating explosion that ripped through its capital of Beirut on August 4, according to the World Bank’s regional director, Saroj Kumar Jha.

A delegation from the World Bank, the European Union, and the United Nations met with the President of the Lebanese Republic, General Michel Aoun, to present him with a report on the damage caused by the Beirut blast.

The initial losses caused by the Beirut explosion amounted to approximately $8.1bn, Jha confirmed.

The report included “a preliminary assessment of the damage, and it will be updated accordingly as additional information becomes available,” according to the state-run Oman News Agency.

The explosion at the Beirut port was caused by unsafe storage of 2,750 tons of ammonium nitrate in Hangar 12 of the port.

More than 182 people died, more than 6,000 people were wounded, and more than 300,000 people were displaced from their homes due to the blast. The explosion also caused significant property damage at the port, its surroundings, and across Beirut.

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